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Posted 3 days ago
70 Vestry St
Tribeca, Downtown Manhattan, Manhattan
$50,000 3 Bed 3 Bath
By Victoria Adamo
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No Fee
 
Exclusive
  2,609 ft² · Doorman
Posted 17 hours ago
Broadway Avenue Penthouse
Lincoln Square, Upper West Side, Upper Manhattan, Manhattan
$45,000 5 Bed 5 Bath
Julie Hoffman, Upper West Side Expert
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No Fee
  Doorman · Elevator · Laundry in Unit
Posted 3 days ago
Broadway
Lincoln Square, Upper West Side, Upper Manhattan, Manhattan
$45,000 4 Bed / Flex 5 5.5 Bath
Fernando "Julian" Forero, Upper West Side Expert
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No Fee
  Doorman · Elevator · Laundry in Unit · Pre-War · Hardwood Floors
Posted 4 days ago
Broadway
Lincoln Square, Upper West Side, Upper Manhattan, Manhattan
$45,000 4 Bed 5 Bath
Ronald Cavallo, Upper West Side Expert
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No Fee
  Doorman · Elevator
Posted 1 day ago
Broadway
Lincoln Square, Upper West Side, Upper Manhattan, Manhattan
$44,995 4 Bed 5 Bath
By Justin Duffy
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No Fee
  Doorman · Elevator
Posted 1 day ago
E 65th St.
Upper East Side, Upper Manhattan, Manhattan
$40,000 4 Bed 3 Bath
By Emil Jahic
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No Fee
  Doorman · Elevator · Laundry in Unit · Hardwood Floors
Posted 3 days ago
Washington Street
Tribeca, Downtown Manhattan, Manhattan
$40,000 5 Bed 4.5 Bath
By David Menashe
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No Fee
  Doorman · Elevator · Laundry in Unit · Loft · Hardwood Floors
Posted 2 days ago
East 58th St
Midtown East, Midtown Manhattan, Manhattan
$40,000 7 Bed 5 Bath
By Polina Reed
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No Fee
 
Posted 3 days ago
Spruce Street
Financial District, Downtown Manhattan, Manhattan
$40,000 4 Bed 3 Bath
Harman Nahal, Financial District Expert
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No Fee
  Doorman · Elevator · Laundry in Unit · Loft · Hardwood Floors
Posted 4 days ago
Spruce Street
Financial District, Downtown Manhattan, Manhattan
$33,000 4 Bed 3.5 Bath
By Manja Saveljic
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No Fee
  Doorman · Elevator · Laundry in Unit
Posted 2 days ago
E 9th St.
East Village, Downtown Manhattan, Manhattan
$32,000 5 Bed 5 Bath
By Justin Estill
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No Fee
  5,000 ft² · Elevator · Laundry in Unit · Hardwood Floors · Furnished
Posted 4 days ago
E 81 St
Yorkville, Upper East Side, Upper Manhattan, Manhattan
$32,000 4 Bed 1 Bath
By Saul Cohen
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No Fee
  4 ft² · Doorman · Elevator · Laundry in Unit
Posted 6 days ago
Prestigious apartment for rent...
Yorkville, Upper East Side, Upper Manhattan, Manhattan
$32,000 5 Bed 5 Bath
By Jean-Claude Prosper
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No Fee
  3,200 ft² · Laundry in Unit
Posted 9 hours ago
East 87th St
Upper East Side, Upper Manhattan, Manhattan
$30,000 4 Bed 3 Bath
Brad Susser, Upper East Side Expert
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No Fee
  2,461 ft² · Doorman · Elevator · Laundry in Unit
Posted 4 days ago
East 9th Street
East Village, Downtown Manhattan, Manhattan
$30,000 5 Bed 4.5 Bath
By New York Living Solutions
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No Fee
  3,700 ft² · Doorman · Elevator · Laundry in Unit · Loft
Posted 11 hours ago
East 59th Street
Upper East Side, Upper Manhattan, Manhattan
$29,500 3 Bed 3.5 Bath
By Delroy Bodley
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No Fee
  1,750 ft² · Doorman · Elevator · Laundry in Unit · Hardwood Floors
Posted 3 days ago
56 South 11th St, Apt 2
Williamsburg, Northern Brooklyn, Brooklyn
$28,590 2 Bed 1 Bath
By Alan Medvinsky
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No Fee
 
Exclusive
 
By Owner
 
Posted 3 days ago
East 9th Street
East Village, Downtown Manhattan, Manhattan
$28,500 5 Bed 4 Bath
By Jaclyn Burday
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No Fee
 
Posted 5 days ago
East 9th Street and 2nd
East Village, Downtown Manhattan, Manhattan
$28,500 5 Bed 4 Bath
By Barbara Quintero
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No Fee
  Elevator · Laundry in Unit
Posted 4 days ago
West Street
Financial District, Downtown Manhattan, Manhattan
$27,500 3 Bed 4 Bath
By Lana Shapiro
Check Availability
No Fee
  3,653 ft² · Doorman · Laundry in Unit · Hardwood Floors
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No Fee

The term "No-Fee apartments" is extremely confusing to most renters, even veterans who have lived in NYC most of their lives. A big source of the misunderstanding stems from two different types of apartments that one might advertise as having no broker fee. In the first case, a listing posted directly by the landlord generally has no fee, but ONLY if the renter finds the apartment and contacts the landlord without any assistance from a licensed real estate broker. In the second case, a…

No Fee Apartments for Rent

The term "No-Fee apartments" is extremely confusing to most renters, even veterans who have lived in NYC most of their lives. A big source of the misunderstanding stems from two different types of apartments that one might advertise as having no broker fee. In the first case, a listing posted directly by the landlord generally has no fee, but ONLY if the renter finds the apartment and contacts the landlord without any assistance from a licensed real estate broker. In the second case, a landlord or property manager can offer to pay broker fees on behalf of the renter, which allows any real estate broker or salesperson to advertise the listing as no fee.

How can the same apartment be both no fee and fee depending on the person advertising or showing me the apartment?

Consumers who don't understand the nyc rental market find this paradox to be one of the most frustrating aspects of the apartment search. It is actually very possible for the same exact apartment to be no fee or fee on the same day, and the difference is who is showing you the apartment. If you are able to see the apartment directly from the landlord, usually through the leasing office, then you probably will not need to pay any additional broker fee. However, if you have a professional, licensed real estate salesperson assisting you in your search, and this agent shows you the same apartment, you are likely obligated to pay a broker fee. You will normally have signed documents agreeing to pay a fee if you rent any of the apartment that agent shows you.

Does that mean I am always better off going directly to the landlord instead of using a broker?

Absolutely not! If the landlord is paying the broker fee, many renters reason they can show up without the broker and instantly negotiate a lower rent. The thinking is, by doing a direct deal, the landlord is saving a few thousand dollars by not paying the fee, and therefore some of that savings should be passed on to the renter. In practice, landlords have more loyalty to their broker partners than to any individual renter. Real estate agents bring the landlords new clients all year long, week after week. Intelligent landlords understand they need to keep the brokers happy, and certainly not allow special deals that would alientate the industry. If a building was known to quote lower prices to direct renters than to brokers, then that same building would very quickly not receive much traffic from agents.

What does 1 Month OP mean for an apartment listing or advertisement?

One month OP means that the landlord is paynig the broker one month of rent after the renter has signed a lease and moved into the apartment. Usually, once an agent shows the apartment to a customer, submits an application, and then confirms lease signing, the agent will send an invoice to the management company with the details of the deal, asking for payment. Most landlords will remit the payment within 30-60 day to the brokerage firm, and the firm will pay the appropriate, agreed-upon commission split to the agent.

Why use brokers at all when no fee apartments exist in NYC?

The founders of RentHop originally pondered this question in 2009, which led to the creation of this website! The original plan, as reported in the NY Times article Getting the Agent Without the Fee, by Michael Grynbaum, was to eliminate the need for apartment brokers entirely. The entire story is best told by Lee Lin, quoted below, in a talk he gave to Startup Institute about his experience at Y Combinator.

When we first started RentHop, we assumed all real estate agents were these evil slimeballs that charged huge fees and barely did anything. We thought we could disrupt the entire industry by creating a website and directly connecting renters with landlords. However, one of the best pieces of advice we received during the summer at Y Combinator came from Paul Graham. He told us that if we really thought brokers were useless, then we should try being brokers for a while. So we did! Lawrence and I both flew back to New York, received our real estate licenses, and spent months meeting clients and showing apartments all day long. I lost a lot of weight, climbing all those walkups and roaming around the streets of Manhattan. That was when we realized being a broker is really hard, and that a great agent adds a ton of value. They save everyone a lot of time, visiting dozens of apartments a week only showing the top ten percent or so to customers. By the end of that year, we completely pivoted the focus of our company to matching qualified renters with the best apartment listings, whether they are posted by a landlord, management company, or broker.

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